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Principles of Neo-Schumpeterian Economics

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Within the last 25 years large progress has been made in Neo-Schumpeterian Economics, this branch of economic literature which deals with dynamic processes causing qualitative transformation of economies basically driven by the introduction of novelties in their various and multifaceted forms. By its very nature, innovation and in particular technological innovation is the most exponent and most visible form of novelty. Therefore it is not very surprising that Neo-Schumpeterian Economics today has its most prolific fields in the studies of innovation and learning behavior on the micro-level of an economy, the studies on industry dynamics on the meso-level and studies of innovation driven growth and competitiveness on the macro-level of the economy. From a general point of view, however, the future developmental potential of socio-economic systems i.e. innovation in a very broad understanding encompassing besides technological innovation also organizational, institutional and social innovation has to be considered as the normative principle of Neo-Schumpeterian Economics. In this sense, innovation plays a similar role in Neo-Schumpeterian Economics like prices do in Neoclassical Economics. Instead of allocation and efficiency within a certain set of constraints, Neo-Schumpeterian Economics is concerned with the conditions for and consequences of a removal and overcoming of these constraints limiting the scope of economic development. Thus, Neo-Schumpeterian Economics is concerned with all facets of open and uncertain developments in socio-economic systems. A comprehensive Neo-Schumpeterian approach therefore has to consider not only transformation processes going on e.g. on the industry level of an economy, but also on the public and monetary side of an economic system. Our contribution introduces those extensions and complements to a comprehensive Neo-Schumpeterian economic theory, and develops some guideposts in the sense of a roadmap for necessary strands of analysis in the future in order to fulfill the claim of becoming a comprehensive approach comparable to neoclassical theory.

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Bibliographic Info

Paper provided by Universitaet Augsburg, Institute for Economics in its series Discussion Paper Series with number 278.

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Length: pages
Date of creation: Sep 2005
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Handle: RePEc:aug:augsbe:0278

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Keywords: Neo-Schumpeterian economics; industrial dynamics; public finance; financial markets;

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References

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  1. Malerba, Franco, 2002. "Sectoral systems of innovation and production," Research Policy, Elsevier, vol. 31(2), pages 247-264, February.
  2. Kurt Dopfer & John Foster & Jason Potts, 2004. "Micro-meso-macro," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 263-279, 07.
  3. Pier Saviotti & Andreas Pyka, 2004. "Economic development by the creation of new sectors," Journal of Evolutionary Economics, Springer, vol. 14(1), pages 1-35, January.
  4. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "The Life Cycle of a Competitive Industry," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 322-47, April.
  5. Thomas Grebel & Andreas Pyka & Horst Hanusch, 2001. "An Evolutionary Approach to the Theory of Entrepreneurship," Discussion Paper Series 206, Universitaet Augsburg, Institute for Economics.
  6. Utterback, James M & Abernathy, William J, 1975. "A dynamic model of process and product innovation," Omega, Elsevier, vol. 3(6), pages 639-656, December.
  7. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804, September.
  8. Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-39, Supplemen.
  9. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
  10. Gort, Michael & Klepper, Steven, 1982. "Time Paths in the Diffusion of Product Innovations," Economic Journal, Royal Economic Society, vol. 92(367), pages 630-53, September.
  11. Franco Malerba, 2005. "Sectoral systems of innovation: a framework for linking innovation to the knowledge base, structure and dynamics of sectors," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 14(1-2), pages 63-82.
  12. Koen Frenken, 2006. "Technological innovation and complexity theory," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 15(2), pages 137-155.
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Cited by:
  1. Paredes-Frigolett, Harold & Pyka, Andreas, 2012. "Distal embedding as a technology innovation network formation strategy," FZID Discussion Papers 49-2012, University of Hohenheim, Center for Research on Innovation and Services (FZID).
  2. Hartmann, Dominik & Pyka, Andreas & Hanusch, Horst, 2010. "Applying Comprehensive Neo-Schumpeterian Economics to Latin American Economies," Structural Change and Economic Dynamics, Elsevier, vol. 21(1), pages 70-83, March.
  3. Horst Hanusch & Andreas Pyka & Florian Wackermann, 2009. "A Neo-Schumpeterian Approach towards Public Sector Economics," Discussion Paper Series 306, Universitaet Augsburg, Institute for Economics.
  4. Antonelli Cristiano & Scellato Giuseppe, 2007. "Complexity and innovation: social interactions and firm level total factor productivity," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200709, University of Turin.
  5. Moldaschl, Manfred, 2011. "Warum Gazellen nachts nicht leuchten: Evolutorische Theorie der Unternehmung," Papers and Preprints of the Department of Innovation Research and Sustainable Resource Management 1/2011, Chemnitz University of Technology, Faculty of Economics and Business Administration.
  6. Patrucco Pierpaolo, 2008. "Complexity and organizational change in the coordination of technological knowledge: evidence from the automobile cluster in Turin," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200808, University of Turin.
  7. Christian Schubert, 2009. "Welfare Creation and Destruction in a Schumpeterian World," Papers on Economics and Evolution 2009-14, Max Planck Institute of Economics, Evolutionary Economics Group.
  8. Hallensleben, Tobias & Jain, Anil K. & Manger, Daniela & Moldaschl, Manfred, 2011. "Innovationskompetenz und Performanz," Papers and Preprints of the Department of Innovation Research and Sustainable Resource Management 3/2011, Chemnitz University of Technology, Faculty of Economics and Business Administration.
  9. Muhamed Kudic & Andreas Pyka & Jutta Günther, 2012. "Determinants of Evolutionary Change Processes in Innovation Networks – Empirical Evidence from the German Laser Industry," IWH Discussion Papers 7, Halle Institute for Economic Research.
  10. Horst Hanusch & Andreas Pyka, 2006. "Manifesto for Comprehensive Neo-Schumpeterian Economics," Discussion Paper Series 289, Universitaet Augsburg, Institute for Economics.
  11. Di Meglio, Gisela & Pyka, Andreas & Rubalcaba, Luis, 2012. "Varieties of service economies in Europe," FZID Discussion Papers 44-2012, University of Hohenheim, Center for Research on Innovation and Services (FZID).
  12. Andreas Pyka & Nigel Gilbert & Petra Ahrweiler, 2006. "Simulating Knowledge-Generation and -Distribution Processes in Innovation Collaborations and Networks," Discussion Paper Series 287, Universitaet Augsburg, Institute for Economics.
  13. Moldaschl, Manfred, 2010. "Das kulturhistorische Paradigma: Eine Anleitung zum Bau konsistenter Theorien der Innovationsfähigkeit," Papers and Preprints of the Department of Innovation Research and Sustainable Resource Management 10/2010, Chemnitz University of Technology, Faculty of Economics and Business Administration.

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